Help to Clear Wonga Payday Loan

ILW

louie31 wrote: »

to be honest i couldnt be bothered going to another bank etc, would just prefer it if my bank could change account number and take things from there.

We dont really have financial difficulties as we both dont get credit in the last few years in which we are happier with.

My husband had bother years ago with an ex girlfriend who had taken out 3 credit cards behind his back and they are now all defaults, which he refused to pay.

These are the only debts on our records now apart from usual household bills.

This is the reason i just want to clear wonga.

It does appear you are now doing the same to him. ie running up secret debts which are going to affect him, you really do need to be honest and come clean.

sp1987

louie31 wrote: »

to be honest i couldnt be bothered going to another bank etc, would just prefer it if my bank could change account number and take things from there.

We dont really have financial difficulties as we both dont get credit in the last few years in which we are happier with.

My husband had bother years ago with an ex girlfriend who had taken out 3 credit cards behind his back and they are now all defaults, which he refused to pay.

These are the only debts on our records now apart from usual household bills.

This is the reason i just want to clear wonga.

Can't be bothered probably goes some way to explaining things generally. Can't be bothered to tell your husband to save his credit history? I certainly COULD be bothered to help my partner to save his credit rating from me taking out credit, if I were to do so. I'm sure many people get into such situations, but few take other people out with them when there are ways to avoid it.

Tell your husband, you are damaging his credit rating with loans he has not taken out and as such has no control over. Especially considering you say he has has partners who have caused him financial difficulties before, it seems very unfair to have done it to him again. You may not want to use credit in future, but he might. He might want a car on finance, a mortgage, an iphone, anything.

If you have such good credit ratings currently, why was a payday loan the only option? Why would your bank not give you an overdraft? If it wasn't the only option...and still isn't...can you get a lower interest overdraft/credit card balance transfer to save the extortionate interest rates?

pippitypip_2

sp1987 wrote: »

If you have such good credit ratings currently, why was a payday loan the only option? Why would your bank not give you an overdraft? If it wasn't the only option...and still isn't...can you get a lower interest overdraft/credit card balance transfer to save the extortionate interest rates?

Good point, I stagger around in the 'financial difficulties' bubble so much that I forget about what normal people can access!

OP how on earth did you end up with 4 payday loans if your normal credit is decent? Ring the bank and beg for an overdraft. Even if that only means you can pay off the 3 smaller ones, then chuck everything left over next month at Wonga, then 3rd month pay off overdraft. That will save you a considerable amount of interest.

hth,
pippitypip

sp1987

pippitypip wrote: »

Good point, I stagger around in the 'financial difficulties' bubble so much that I forget about what normal people can access!

OP how on earth did you end up with 4 payday loans if your normal credit is decent? Ring the bank and beg for an overdraft. Even if that only means you can pay off the 3 smaller ones, then chuck everything left over next month at Wonga, then 3rd month pay off overdraft. That will save you a considerable amount of interest.

hth,
pippitypip

It just seems very odd this person turned to pay day loans as a method of first resort??

I took out two credit cards (about 15% APR each) when I had a better income and don't use them (bar for purchases I intend to pay off immediately and just use them for security) so that if I come into difficulties when on less money, I have somewhere immediate to go for funds if something really warrants it (like eating, getting home, being evicted). I'm not sure how bad things would need to be to use one, but I have a safety net I don't have to apply/wait for approval from.

My credit rating will have been non-existant when I took out the first one so I'm sure someone with a 'good' rating could have got a much better deal than me.

I'd rather owe my bank money than some high interest loan company, especially where there seemingly is a choice?!

LDJ2009

If there is insufficient money to repay the whole loan in your bank account the date it is due, once they have failed to collect payment, you will be able to set up your own payment arrangement through your Wonga online account.

Your loan will be defaulted and from what i recall, interest is charged at £1 per £100 borrowed for something like the first 60 days (this may be frozen once you set up an arrangement, but i'm not sure)

Another option is to extend the loan every month but not over maximum term each time (play with the slider to see the difference in interest if you change from 30 days to 25 days) and then make extra overpayments where you can (which you can do via their website) as this will reduce interest due when the loan is due again.

VanillaDelia

I have been in these Payday loans traps, and that is what they are, once your in them, you can't get out. If you keep rolling over the loans they wont reduce, they will only rise. If you miss a payment, if I remember right, they will eventually offer a payment plan online which you can agree to. At first it will be to pay over 3 months, if ignore they will offer it over 6 months, but interest will keep rising until the agreement is set.

You NEED to tell your husband, he may end up losing all his wages to these people, and through no fault of his own.

nzmegs

You won't the be last to have fallen victim to these people. the methods of advertising and the fact that they charge such huge rates of interest, while simultaneously pointing out that a small loan only results in a small amount of interest. yes this is true if paid off in full....I hate these companies with a passion. But you have signed a contract and will therefore have to jump through any hoops they ask. talk to them and try to arrange your payments to get it paid off as quick as possible.
Don't ignore the other payday loans - they will increase at the same rate. Get them paid off before they get out of hand too.

Fang_3

louie31 wrote: »

to be honest i couldnt be bothered going to another bank etc, would just prefer it if my bank could change account number and take things from there.

We dont really have financial difficulties as we both dont get credit in the last few years in which we are happier with.

My husband had bother years ago with an ex girlfriend who had taken out 3 credit cards behind his back and they are now all defaults, which he refused to pay.

These are the only debts on our records now apart from usual household bills.

This is the reason i just want to clear wonga.

He definitely has a type then.

dickoa

Im in a simalr boat to your self with regard to wonga and i should know better after previously been Br the thing which im struggling with is that wonga access your bank account via your debit card as far as i remember so what i would do and please let me know if im worng onm the debit card thing. Is i would ring bank tell them you lost your card they ll then issue you with a new card with a completely different number so therefore the old card will be cancelled and wonga wont be able to access your account i may be wrong and if you have added a credit card do the same this way the hassle will come through the post and not with them accessing your account ring them let them know your intentions to pay a little each month and ask them to freeze the interest or alternatively wait until they offer it to a debt collection agent and risk getting a default and offer a full and final settlement of half the amount owed just some food for thought reallly hope ive helped and if im wrong on any points sorry

SimIsOnTheUp

Please tell your husband.

It's the right thing to do!

Good Luck with getting it all sorted out.